[Federal Register Volume 66, Number 174 (Friday, September 7, 2001)]
[Notices]
[Pages 46849-46850]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-22507]


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SECURITIES AND EXCHANGE COMMISSION


Submission for OMB Review, Comment Request

Upon Written Request, Copies Available From: Securities and Exchange 
Commission, Office of Filings and Information Services, Washington, 
DC 20549.
Extension:
    Rules 17Ad-6 and 17Ad-7, SEC File No. 270-151, OMB Control No. 
3235-0291.


    Notice is hereby given that, pursuant to the Paperwork Reduction 
Act of 1995 (44 U.S.C. 3501 et seq.), the Securities and Exchange 
Commission

[[Page 46850]]

(``Commission'') has submitted to the Office of Management and Budget a 
request for extension of the previously approved collection of 
information discussed below.

 Rules 17Ad-6 and 17Ad-7: Recordkeeping requirements for 
transfer agents

    Rule 17Ad-6 under the Securities Exchange Act of 1934 (15 U.S.C. 
78b et. seq.) requires every registered transfer agent to make and keep 
current records about a variety of information, such as: (1) Specific 
operational data regarding the time taken to perform transfer agent 
activities (to ensure compliance with the minimum performance standards 
in Rule 17Ad-2 (17 CFR 240.17Ad-2)); (2) written inquires and requests 
by shareholders and broker-dealers and response time thereto; (3) 
resolutions, contracts or other supporting documents concerning the 
appointment or termination of the transfer agent; (4) stop orders or 
notices of adverse claims to the securities; and (5) all canceled 
registered securities certificates.
    Rule 17Ad-7 under the Securities Exchange Act of 1934 (15 U.S.C. 
78b et. seq.) requires each registered transfer agent to retain the 
records specified in Rule 17Ad-6 in an easily accessible place for a 
period of six months to six years, depending on the type of record or 
document. Rule 17Ad-7 also specifies the manner in which records may be 
maintained using electronic, microfilm, and microfiche storage methods.
    These recordkeeping requirements ensure that all registered 
transfer agents are maintaining the records necessary to monitor and 
keep control over their own performance and for the Commission to 
adequately examine registered transfer agents on an historical basis 
for compliance with applicable rules.
    We estimate that approximately 1,000 registered transfer agents 
will spend a total of 500,000 hours per year complying with Rules 17Ad-
6 and 17Ad-7. Based on average cost per hour of $50, the total cost of 
compliance with Rule 17Ad-6 is $25,000,000.
    The retention period for the recordkeeping requirements under Rule 
17Ad-6 is six months to one year. In addition, such records must be 
retained for a total of two to six years or for one year after 
termination of the transfer agency, depending on the particular record 
or document. The recordkeeping requirements under Rules 17Ad-6 and 
17Ad-7 are mandatory to assist the Commission and other regulatory 
agencies with monitoring transfer agents and ensuring compliance with 
the rule. This rule does not involve the collection of confidential 
information. Please note that an agency may not conduct or sponsor, and 
a person is not required to respond to, a collection of information 
unless it displays a currently valid control number.
    General comments regarding the above information should be directed 
to the following persons: (i) Desk Officer for the Securities and 
Exchange Commission, Office of Information and Regulatory Affairs, 
Office of Management and Budget, Room 10102, New Executive Office 
Building, Washington, DC 20503; and (ii) Michael E. Bartell, Associate 
Executive Director, Office of Information Technology, Securities and 
Exchange Commission, 450 5th Street, NW., Washington, DC 20549. 
Comments must be submitted to OMB within 30 days of this notice.

    Dated: August 29, 2001.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 01-22507 Filed 9-6-01; 8:45 am]
BILLING CODE 8010-01-M